Do Accountants Speciliase

mp3ireland2

Hi,
I've to set up a company to do some engineering contracting work in the pharama industry and just wondering if accountants tend to speciliase in different industries?
Just want to make sure that I got somebody who knows the relveant tax info for me.

Any tips appreciated. I see a thread at the top for requesting quotes so that'll be my next port of call.

Chris

davindub

mp3ireland2 wrote: »

Hi,
I've to set up a company to do some engineering contracting work in the pharama industry and just wondering if accountants tend to speciliase in different industries?
Just want to make sure that I got somebody who knows the relveant tax info for me.

Any tips appreciated. I see a thread at the top for requesting quotes so that'll be my next port of call.

Chris

Most firms will be able to handle income tax!

Nidot

mp3ireland2 wrote: »

Hi,
I've to set up a company to do some engineering contracting work in the pharama industry and just wondering if accountants tend to speciliase in different industries?
Just want to make sure that I got somebody who knows the relveant tax info for me.

Any tips appreciated. I see a thread at the top for requesting quotes so that'll be my next port of call.

Chris

Guessing that you're being taken on as a contractor by the Pharma company.

There's no need to get a big name accounting firm. I do know there are some medium sized firms who specilise in providing finance/accounting services to contractors - maybe have a look into these if you want.

Otherwise just look at doing it yourself.

I would point out that there is no need to set up a company to operate as a sole trader. You could operate as a sole trader contractor with the Pharma company and just submit invoices paid directly to yourself:
- You would be liable for income tax on all income received from the Pharma company
- You would be able to write off the same expenses in your personal tax return that a company could avail of
- You would be able to make the same pension contributions and benefit from the same tax benefit by doing it personally than through a company

I would also point out that making a personal tax return is very simple on the Revenue website.

Unless you're going to be earning huge money and will be looking at expanding your services there's no reason I can see for operating through a company rather than as a sole trader.

mp3ireland2

Hi thanks for the info.
Yeah you are correct I got my foot in the door in the pharam industry after being made redundant in oil and gas after 10 years...so very thankful!

I did wonder why most engineers seem to go with limited company but I just "confromed with the norm". Perhaps it's a liability thing, if you make a mistake that costs a lot to fix maybe you'd end up personally liable?

I find a guy on here that does it all via cloud based systems so that's handy enough, I just dind't know if different ones specialise in different industry but i suppose "tax is tax" and irrelevant of how money is earned, and as long as expenses are relevant quite simple I suppose

Nidot

Ya the majority of small accounting practices would operate with one of the cloud based platforms now.

I don't know enough on liability for contractors to advise but I would think that insurance companies would view a sole trader/one man company as the same in terms of the terms and liability risk but if you're sure you want to go that way then work away. It will cost some money to have a company registered and the costs of returns submitted by an accountant but if you find it easier to operate that method then it's fine.

If you're speaking to the accountant try to get a breakdown of what services offered and deadlines on submissions as from previous experience when dealing with firms providing accounting/finance services for contractors the firms left submission of invoices for payment to late in the day and with most companies having standard 28 days payment terms it resulted in contractors being cash short for a while - something that could be easily sorted if the invoice was submitted to an agreed schedule.

Stratvs

The main reason for pharm & others not taking on sole trader contractors is largely due to differences between
Contract of Service (employee) and
Contract for Services (self-employed)
An individual working exclusively for one customer at their plant using probably their offices/equipment etc. is most likely an employee with all the things that brings. Revenue and DEASP have long been looking at such relationships.